It’s Hard Out Here For a Pimp
Today in my 9-5 jungle, the company layed-off 30 people. I think I just barely avoided the cuts this time and aint no telling if/when round-two comes around. It’s not like I already didn’t have a fire lit under me, but this just added some gasoline. Aint shit safe, when your livelihood is dependent upon a company you don’t own/control.
The company I work for had already implemented a company-wide furlough for December. These lay-offs were completely out of the blue. I’m glad I’m not out of work yet, but am sad for those who are now unemployed. I mean, everyone can’t be their own boss and get into real estate investing…some people are stellar employees versus employers. Where are they to turn when many other companies in the area aren’t hiring? Damn. I’m now witnessing what I’ve been reading about for the past year regarding the economy.
Before today, I had already mentally constructed backup plans for if/when I get fired/layed-0ff. First-off, I’m thankful that I don’t live beyond my means. Although, I do dump alot of cash into my business, it’s an investment that I just haven’t realized any returns on as of yet. I don’t have LCD TV’s, motorcycles, XBOX’s, gold teeth, or none of that extra stuff. I’m single with no dependents, a 98 Pontiac Grand-Am (paid for), and a month-to-month apartment lease. If I were to lose my job tomorrow, I would most likely expand my strategy to acquiring rentals on owner financing. There are a plethora of landlords that are looking to sell their rentals. I’m sure a deal could be found with one or more of them. And I’m confident that I could creatively out market them and fill the vacancies. Why aren’t I doing this now? I don’t have the capital for a necessary cushion to allot for the operating expenses of rental units and to take losses from time to time. But if I didn’t have a choice, the risk would be moot. And plus, with 45 hours a week freed-up, I’m confident I would make things work out. Network more, partner-up, use OPM, etcetera.
But, as of now, I’m still sticking with the original plan. And that is to wholesale until I have some capital stored and then transition to buy-hold strategies.
I’m going to get in touch with the lady landlord tomorrow that I’ve been dealing with. I’ve given it some thought and I’m going to tell her over the phone that we don’t have a deal unless she can come down another 10K. She probably won’t like that at all. Then I’m going to FedEx a contract that’s for 15K less than what we verbally agreed upon. Sounds pointless, but who knows…she might just sign-it and call me. Besides, if I’m going to strikeout, I’m going to Babe-Ruth-point to the left field wall and swing out of my cleats. Why not?
- I’m out
